Income Tax Assessment Act 1997
View history note
Hide history noteCGT event K8 happens if there is a *taxing event generating a gain for a *down interest under section 725-245 .
Note:
That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division 725 .
104-250(2)
The time of the event is the *decrease time for the *down interest.
104-250(3)
You make a capital gain equal to the gain generated for the taxing event.
Note:
You cannot make a capital loss.
104-250(4)
If, because of the same *direct value shift, there are 2 or more *taxing events generating a gain that are covered by subsection (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each.
Exceptions
104-250(5)
A *capital gain is disregarded if the *down interest is a *pre-CGT asset.
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